Lee vows to further bolster defense industry
President Lee Jae Myung on Wednesday reaffirmed his commitment to further expanding the country’s defense industry during a New Year’s press conference.
Speaking at a meeting held at Cheong Wa Dae in Seoul, Lee said the government would continue efforts to strengthen the sector, without providing specific policy details.
His remarks came as South Korea’s defense industry has seen rapid growth since the outbreak of the Russia-Ukraine war in 2022, which triggered a sharp increase in global defense spending, particularly in Europe, bringing renewed attention to the sector’s strategic importance and export potential.
Korean defense firms such as LIG Nex1 and Hanwha Aerospace have benefited from rising overseas demand, expanding exports of artillery systems, missiles and other advanced weapons platforms.
The momentum has been reinforced by broader shifts in the international security environment, with countries not only in Europe, but also across Southeast Asia and the Middle East seeking reliable suppliers capable of delivering weapons systems quickly and at competitive costs.
Addressing concerns over potential trade frictions, including tariff issues involving South Korea’s longtime ally the US, Lee said he was “not overly concerned,” describing such discussions as common during periods of heightened geopolitical tension.
On semiconductors, Lee noted that any increase in US tariffs would likely be passed on to American consumers through higher prices, suggesting the impact could ultimately be felt more strongly in the US domestic market.
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